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Private sector ICICI Lombard General Insurance posted a robust 28.5 per cent growth in net profit in the first quarter of the fiscal despite sales of life insurance products being impacted across the industry due to the national lockdown.
For the quarter ended June 30, 2020, it registered a net profit of ₹398.1 crore against ₹309.81 crore a year ago.
The net premium earned was also higher by 3.5 per cent at ₹2,323.84 crore in the April to June quarter versus ₹2,244.89 crore a year ago.
However, gross written premium was down 4.67 per cent in the first quarter of the fiscal at ₹3,394.21 crore when compared to ₹3,560.66 crore in the same period a year ago.
Gross Direct Premium Income (GDPI) amounted to ₹3,302 crore in the first quarter, declining by 5.3 per cent when compared to ₹3,487 crore a year ago.
“Excluding crop segment, GDPI decreased to ₹3,274 crore in the first quarter compared to ₹3,488 crore a year ago, registering a de-growth of 6.2 per cent. The de-growth across industry was mainly due to Covid-19 pandemic,” it said in a statement on Friday.
The combined ratio stood at 99.7 per cent in the first quarter of FY21 compared to 100.4 per cent in the first quarter of FY20, primarily driven by Covid-19 pandemic despite losses incurred due to catastrophic events, it further said.
Solvency ratio was 2.5 times at June 30, against 2.17 times at March 31and higher-than-the-minimum regulatory requirement of 1.50 times.
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